Challenge
In 2022 and 2023, Eika was struggling with large losses as a result of phishing. Before implementing the Featurespace Platform, the Eika team relied on mainly manual checks and email notifications to block user authentication and recall payments. This was often done around the clock to protect customers’ money from being lost to attempted fraud. Eika was motivated to implement the Featurespace Platform as quickly as possible.
Solution
Eika implemented the Featurespace Payment Fraud solution in just five weeks from start to finish. During this time, Featurespace worked closely with the Eika team to enable the platform to learn the behavior patterns of Eika customers and establish a “normal” baseline, meaning that, when live, the technology could accurately flag suspicious behavior in real time with less false positives.
Result
Having fully integrated the Featurespace Platform at the end of 2023, they reduced their phishing losses by almost 90% in 2024.1
Have a question? Need help finding the right solution for your business? We’re here to help.
1 Eika data, 2023-2024